Legal News

Only a Few Bucking the Deferral Trend

By Ashby Jones

Funny. It’s become more the exception than the rule: keeping the start-dates for incoming associates in line with what they’ve been in past years.

“Our start date is, and has always been September for new associates,” said a spokesperson for Paul Weiss to the American Lawyer when asked if the firm’s starting date for associates had been moved. “There will be no optional deferrals.”

As it turns out, the lion’s share of the most profitable firms are inviting their associates to start on time. Such firms include Wachtell; Quinn Emanuel; Boies, Schiller; Sullivan & Cromwell; Paul, Weiss; Kirkland and Cleary.

The exceptions, at least among the top 10 most profitable, as ranked by AmLaw: Cravath, Simpson Thacher and Schulte, Roth, all of whom are either rolling out mandatory or voluntary deferrals. Other high-grossing firms on the deferral train: Skadden; Sidley Austin; White & Case; Baker & McKenzie and Greenberg Traurig.

Jones Day won’t be deferring. The firm, which has been engaged in bankruptcy work for Chrysler and in litigation for Lehman Brothers, will start all 154 new associates on Oct. 26.

Not to be one-upped: Kirkland & Ellis, a spokesperson for which stated (with great relish, it seems): “We will be starting all 152 associates in November and are not deferring associates or offering a stipend for a year of nonprofit work.

Full post as published by Law Blog - WSJ.com on June 18, 2009 (boomark / email).